Bitcoin Price Prediction as Traders Get Spooked After Binance Halts Withdrawals – Where is BTC Heading Now?
The recent announcement by Binance, the world's biggest cryptocurrency exchange, of temporarily halting bitcoin withdrawals, citing high volumes and a surge in processing fees, has spooked traders and raised questions about Bitcoin's future price direction.
While the halt caused a temporary dip in Bitcoin's value, its losses were marginal, with the cryptocurrency last down about 1% to $28,162, its lowest in nearly a week.
In this update, we'll take a closer look at the recent dip in Bitcoin prices and provide insights into what it could mean for the cryptocurrency market as a whole.
Binance has halted Bitcoin withdrawals again, explaining that they have a backlog of requests that needs to be processed.
The exchange had previously suspended BTC withdrawals on May 7 due to a supposed overflow of transactions on the blockchain.
Withdrawals were reinstated half an hour later. However, on May 8, Binance stated that it has suspended BTC withdrawals again due to a high number of pending transactions.
According to reports, there are currently about 400,000 Bitcoin transactions awaiting processing in the mempool.
At the time when Binance halted Bitcoin withdrawals for the second time, the number of pending transactions in the mempool had increased to around 485,000.
The mempool is a space where transactions are temporarily held until they are verified by each node on the blockchain.
Currently, there are reports of approximately 400,000 transactions waiting in the Bitcoin mempool for processing, with the number increasing to around 485,000 at the time of the second Binance withdrawal halt.
These transactions are collectively valued at over $5 billion, and the high volume of unprocessed transactions prompted Binance to temporarily
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